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The McMorran balance is indispensable here at the Yarn Barn. We use ours every day to calculate the yardage per pound of mill end yarns or handspun yarns. Simply hang a length of the mystery yarn over the arm of the balance. Clip the ends until the arm balances. Measure the length of the remaining piece. Multiply the length in inches times 100 and you have the yardage per pound. Yardage per pound is a good marker for comparing yarns and, if you have an accurate scale, you can use it to determine how many yards of a yarn you have.
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